Open Solutions Forms Strategic Alliance with Securian Financial Group, Acquires Subsidiary - IA Systems, Inc

Business Wire, June 12, 2007

Strategic alliance and product acquisition offers Open Solutions' clients an integrated suite of financial security solutions and additional loan origination services

GLASTONBURY, Conn. -- Two of the industry's premier business providers, Open Solutions Inc.[R] and Securian Financial Group, have announced a strategic alliance to offer financial services providers additional insurance-related products and services, as well as an integrated suite of innovative technology solutions and services. As part of this alliance, Open Solutions is acquiring Securian's subsidiary IA Systems, Inc., and the StreamLend[R] Velocity and StreamLend[R] product line.

Open Solutions Chairman and CEO Louis Hernandez, Jr., said, "We are truly excited about our new strategic alliance with Securian and our acquisition of IA Systems. Our companies have similar cultures and are dedicated to offering the financial services marketplace more products and services to meet their needs. We share Securian's and IA Systems' view on the importance of client service and providing client-focused solutions. We believe that the very loyal client base of IA Systems, combined with our enabling technology, will result in a very strong partnership."

Both Open Solutions and Securian work with a variety of providers to package insurance products and related technology for the financial services industry. Their strategic alliance will allow the two companies to integrate Securian's insurance related products into Open Solutions' loan origination and relationship-based core data processing systems and the distribution of Open Solutions' systems by Securian. Securian's product suite, which is either underwritten by one of Securian's affiliates or distributed by Allied Solutions, includes credit life insurance, credit disability insurance, mortgage life insurance, mortgage disability insurance, GAP, MBP, CPI and debt cancellation.

"As a result of this transaction, IA Systems and its clients will benefit from the strengths and opportunities inherent in a larger technology company including increased scale and expanded client access," said Robert L. Senkler, chairman, president and CEO, Securian Financial Group. "Securian will focus on its core business of manufacturing and distributing insurance and loan protection products. The strategic alliance with Open Solutions strengthens our ability to provide integrated insurance and technology solutions for our financial institution clients. That has been a winning strategy for Securian."

"Open Solutions' strategic alliance with Securian and acquisition of IA Systems further highlights our commitment to provide our clients' with best-of-breed solutions and increases our clients' choices," said Mike Nicastro, SVP & CMO, Open Solutions. "Partnering with Securian allows us to offer our clients additional financial industry focused service and complementary insurance offerings while our acquisition of IA Systems strengthens our existing loan origination offerings."

"We are excited to be joining the Open Solutions organization and fully committed to continuing to enable lending technology solutions for our clients, including core systems, loan origination software, insurance products and third-party relationships," said Christopher Cazer, president and CEO, IA Systems. "We will continue to provide the highest caliber of service and product support that our clients expect, and as part of the Open Solutions organization, we will be able to build technology solutions for clients much more quickly."

The acquisition of IA Systems will add their state-of-the-art consumer loan origination software, StreamLend Velocity, to Open Solutions' suite of technology products and services for financial institutions throughout the world. StreamLend Velocity will enhance Open Solutions' position as a technology leader by complementing its existing loan origination software system offering. IA clients will also benefit by having full access to Open Solutions' resources and growing technology offerings and services.

Hernandez added, "We are committed to doing everything possible to provide the financial services marketplace with the best technology solutions. Our continuing strategy is to augment and round out our offerings through strategic alliances and the acquisition of complementary businesses that we believe add value to our company, clients and to the marketplace. We welcome the employees and clients of IA Systems to the Open Solutions family and look forward to working with them."

About Securian Financial Group

Securian Financial Group, Inc. (www.securian.com) provides financial security for individuals and businesses in the form of insurance, retirement plans and investments. Affiliates include Minnesota Life Insurance Co., Advantus Capital Management, Allied Solutions, LLP, Securian Life Insurance Company, Securian Casualty Company, Securian Financial Services, Inc. (a broker-dealer) and Securian Trust Company. Securian has more than $600 billion of life insurance in force, nearly $30 billion in assets under management, and a work force of 3,3 00 employees at its St. Paul, Minn. headquarters and offices across the country. Securian serves more than seven million individuals in all 50 states, the District of Columbia, and Puerto Rico.